The building has traded for $391 per sf, and is a haven for media and retail office tenants, such as the Associated Press, the Daily News, Coach and Barney's. The building was 85% tenanted when GlobeSt.com reported the deal in February. The broad, 16-story property is one of only eight in Manhattan to offer over 100,000 contiguous sf on a single floor.
"This high quality asset is ideally situated to benefit from the transformation underway in the Hudson Yards Waterfront/Penn Station area," says John Rivard, principal of Broadway Partners. "The submarket is poised to become one of the most dynamic sections of Midtown Manhattan."
Arbor Realty president and CEO Ivan Kaufman has said he expects returns between $75 million and $85 million for this transaction.
The sale of 450 West 33rd St. was for a time thought to be bundled with the sale of the 800,000-sf Toy Building, at 200 Fifth Ave., similarly owned by Joseph Chetrit and Arbor Realty Trust. Instead, the two have sold separately, with 500 Fifth Ave. selling to L&L Holding Co. for $500 million in a deal GlobeSt.com reported in April.
The property was purchased by Broadway Partners Real Estate Fund II, which buys value-add opportunities in national office properties. The fun owns trophy office buildings in New York, Boston, Washington, Los Angeles, Universal City, Chicago, Houston, Los Angeles and Universal City, CA.
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